2022 Full Year Results

22 February 2023

Ulaanbaatar, Mongolia
Cautionary and supporting statements
This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, “Rio disasters; an inability to successfully manage the closure, reclamation and rehabilitation of sites; the impacts of civil
Tinto”). By accessing/attending this presentation you acknowledge that you have read and understood the following unrest; the impacts of the Ukraine conflict and the Covid-19 pandemic; breaches of Rio Tinto’s policies, standard and
statements. procedures, laws or regulations; trade tensions between the world’s major economies; increasing societal and
Production Targets investor expectations, in particular with regard to environmental, social and governance considerations; the impacts
of technological advancements; and such other risks identified in Rio Tinto’s most recent Annual Report and
The estimated average production of ~500ktpa copper and ~330kozpa gold for the years 2028-2036 referenced on accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United
slides 20, 22 and 33 are underpinned as to 13% by Proved Ore Reserves and 87% by Probable Ore Reserves. The States Securities and Exchange Commission (the “SEC”) or Form 6-Ks furnished to, or filed with, the SEC. Forward-
estimated average production of ~340ktpa copper and ~360kozpa gold for the years 2023-2027 referenced on looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be
slide 33 are underpinned as to 27% by Proved Ore Reserves and 73% by Probable Ore Reserves. The estimated placed on forward-looking statements. These forward-looking statements speak only as of the date of this report. Rio
average production of ~290ktpa copper, ~260kozpa gold and ~1,710kozpa silver for the estimated reserve life of Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules,
approximately 30 years referenced on slide 33 are underpinned as to 26% by Proved Ore Reserves and 74% the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the
by Probable Ore Reserves. These production targets are stated as recovered metal and have been scheduled from Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement
current mine designs for the Oyu Tolgoi underground and open pit mines by Competent Persons in accordance with contained herein to reflect any change in Rio Tinto’s expectations with regard thereto or any change in events,
the requirements of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore conditions or circumstances on which any such statement is based.
Reserves, 2012 Edition.
Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto
Forward-looking statements Limited will necessarily match or exceed its historical published earnings per share. Past performance cannot be
This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation relied on as a guide to future performance.
Reform Act of 1995. All statements other than statements of historical facts included in this report, including, without Disclaimer
limitation, those regarding Rio Tinto’s financial position, business strategy, plans and objectives of management for
future operations (including development plans and objectives relating to Rio Tinto’s products, production forecasts Neither this presentation, nor the question and answer session, nor any part thereof, may be recorded, transcribed,
and reserve and resource positions), are forward-looking statements. The words “intend”, “aim”, “project”, distributed, published or reproduced in any form, except as permitted by Rio Tinto. By accessing/ attending this
“anticipate”, “estimate”, “plan”, “believes”, “expects”, “may”, “should”, “will”, “target”, “set to” or similar expressions, presentation, you agree with the foregoing and, upon request, you will promptly return any records or transcripts at
commonly identify such forward-looking statements. the presentation without retaining any copies.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause This presentation contains a number of non-IFRS financial measures. Rio Tinto management considers these to be
the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any key financial performance indicators of the business and they are defined and/or reconciled in Rio Tinto’s annual
future results, performance or achievements expressed or implied by such forward-looking statements, particularly in results press release, Annual Report and accounts in Australia and the United Kingdom and/or the most recent
light of the current economic climate and the significant volatility, uncertainty and disruption arising in connection with Annual Report on Form 20-F filed with the SEC or Form 6-Ks furnished to, or filed with,
the Ukraine conflict and the Covid-19 pandemic. Such forward-looking statements are based on numerous the SEC.
assumptions regarding Rio Tinto’s present and future business strategies and the environment in which Rio Tinto will Reference to consensus figures are not based on Rio Tinto’s own opinions, estimates or forecasts and are compiled
operate in the future. Among the important factors that could cause Rio Tinto’s actual results, performance or and published without comment from, or endorsement or verification by, Rio Tinto. The consensus figures do not
achievements to differ materially from those in the forward-looking statements include, but are not limited to: an necessarily reflect guidance provided from time to time by Rio Tinto where given in relation to equivalent metrics,
inability to live up to Rio Tinto’s values and any resultant damage to its reputation; the impacts of geopolitics on trade which to the extent available can be found on the Rio Tinto website.
and investment; the impacts of climate change and the transition to a low-carbon future; an inability to successfully By referencing consensus figures, Rio Tinto does not imply that it endorses, confirms or expresses a view on the
execute and/or realise value from acquisitions and divestments; the level of new ore resources, including the results consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor
of exploration programmes and/or acquisitions; disruption to strategic partnerships that play a material role in do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments.
delivering growth, production, cash or market positioning; damage to Rio Tinto’s relationships with communities and No warranty or representation, either express or implied, is made by Rio Tinto or its affiliates, or their respective
governments; an inability to attract and retain requisite skilled people; declines in commodity prices and adverse directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures
exchange rate movements; an inability to raise sufficient funds for capital investment; inadequate estimates of ore and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect
resources and reserves; delays or overruns of large and complex projects; changes in tax regulation; safety incidents of those matters. Rio Tinto assumes no obligation to update, revise or supplement the consensus figures to reflect
or major hazard events; cyber breaches; physical impacts from climate change; the impacts of water scarcity; natural circumstances existing after the date hereof.

©2023, Rio Tinto, All Rights Reserved 2

Jakob Stausholm
Chief Executive

Pilbara, Western Australia

3
 Strong financials
$bn, except where stated 2020 – 2022 2022

Underlying
earnings 47.1 13.3
Underlying
ROCE 32%1 25%
Capital
expenditure 20.3 6.8
Free cash
flow 36.1 9.0
Dividends
paid 33.2 11.7
Taxes & government
royalties2 29.2 8.4
1Average over period | 2Taxes and government royalties
in respect of underlying earnings in the period
©2023, Rio Tinto, All Rights Reserved 4
Building an even stronger Rio Tinto
Investing in the health of existing business
All-injury Asset health Building a thriving Strengthening our
frequency rate culture social licence

0.40 Safe Production System,

greater stability, stronger
maintenance practices
Creating a safe, respectful and
inclusive workplace
Western Range – first co-
designed mine. New agreements
in place to deliver better
Safety remains our Empowering workforce,
top priority outcomes for Indigenous peoples
becoming less risk averse

Shaping our portfolio for the future

Oyu Tolgoi Rincon Simandou Portfolio alignment
TRQ acquisition; 27 Progressing small-starter Non-binding term sheet signed Rhodes Ridge - underpinning the
drawbells achieved, battery-grade lithium to progress co-development of Pilbara’s competitive position for
sustainable production in carbonate plant and early infrastructure; high-quality iron decades to come
Q1 works ore essential for green steel
Cortez royalty and Roughrider
divestments

Second highest ordinary dividend ever

and strengthening future dividend potential
©2023, Rio Tinto, All Rights Reserved 5
Peter Cunningham
Chief Financial Officer

Yarwun Alumina Refinery, Queensland

6
Solid results against all-time
highs in 2021
$bn, except where stated 2022 2021 2020 vs 2021 vs 2020

Consolidated sales revenue 55.6 63.5 44.6 -13% +25%

Underlying EBITDA 26.3 37.7 23.9 -30% +10%

Underlying earnings 13.3 21.4 12.4 -38% +7%

Net earnings 12.4 21.1 9.8 -41% +27%

Underlying ROCE 25% 44% 27%

Cash flow from operations 16.1 25.3 15.9 -36% +2%

Capital expenditure 6.8 7.4 6.2 -9% +9%

Free cash flow 9.0 17.7 9.4 -49% -4%

Total dividend 8.0 16.8 9.0 -52% -11%

Total dividend per share ($) 4.92 10.40 5.57 -53% -12%

Net (debt)/cash (4.2) 1.6 (0.7)

©2023, Rio Tinto, All Rights Reserved Iron Ore Company of Canada 7
Significant headwinds from costs
and price in the second half
Iron Ore1 (-25% YoY) Copper2 (-6% YoY) Aluminium3 (+9% YoY)
250
500
4,000 1050

200 450 900

3,500

400 750
150 3,000
600
350
100 2,500
450
300
2,000
50 300
250
1,500 150
0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 200
1,000 0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
Iron ore (US$/dmt) FY Average
Price (c/lb) FY Average
LME Aluminium ($/t) FY Average MWP (RHS)

Realised pricing H1 H2 Delta Realised pricing H1 H2 Delta

Iron ore ($/dmt) 121 94 -22% Aluminium ($/t)4 3,808 2,870 -25%

Copper (c/lb) 447 362 -19% Aluminium raw

materials $/t index H1 H2 Delta
price
Coal tar pitch 1,103 1,476 +34%
1Monthlyaverage Platts (CFR) index for 62% iron fines | 2Average LME price | 3Average LME price. MWP = US Midwest premium | 4LME plus all-in premiums (product
and market) | YoY = change in annual average price. Source: Rio Tinto Market Analysis, LME, S&P Global, CRU NA Petroleum coke 695 719 +3%

©2023, Rio Tinto, All Rights Reserved 8

Continued tight focus on controllables
Underlying EBITDA
$bn

External $10.8bn Controllables $0.7bn

37.7

(8.1)
0.8
(3.5) 26.9 26.3
Iron ore1 -9.2
0.6 (0.5) (0.9) 0.1
Energy -1.2
Copper -0.7
- Diesel -0.9 Fixed cost
-0.5 Kitimat -0.3
inefficiencies
Aluminium2 +0.9 Aluminium raw
-0.8 Investment in
materials Other cost
-0.4 Simandou &
Other +0.9 increases5 -0.2
General Battery
-1.2
inflation Minerals

Inflation on Non-cash +0.2

closure &
-0.2
remediation
provisions Other +0.4

2021 Prices Exchange Inflation3 & Subtotal Volumes Pilbara Other unit cost Non-cash 2022
Underlying rates Market driven & mix investment4,5 increases5 costs/other Underlying
EBITDA EBITDA
1Iron ore includes Pilbara, portside trading and IOC | 2Aluminium includes alumina and bauxite | 3Inflation variance of -$1.5bn comprises general inflation

(-$1.2bn), inflation on closure and remediation provisions (-$0.2bn) and included in Aluminium raw materials (-$0.1bn) | 4Gudai-Darri increased
workforce to support ramp up and targeted investments in Pilbara pit health and system reliability | 5Total impact of the change in operating unit cash
©2023, Rio Tinto, All Rights Reserved costs of ($2.2bn) comprises aluminium raw materials ($0.8bn), Pilbara investment ($0.5bn) and Other ($0.9bn) 9
Resilient product group financials:
well positioned for 2023
Iron Ore Aluminium Copper Minerals
$bn, except where Turning a corner Margin compression Investing in growth Resilient
operationally vs 2021 in the second half vs 2021 vs 2021 portfolio vs 2021
stated

Underlying EBITDA3 18.6 -33% 3.7 -16% 2.4 -40% 2.4 -7%

EBITDA margin1,2 68% -8pp 29% -9pp 49% -10pp 40% -3pp

Capex 2.9 -26% 1.4 +6% 1.6 +22% 0.7 +5%

Free cash flow 11.0 -27% 1.7 -27% (0.3) -120% 0.8 +7%

ROCE2,3 62% -38pp 10% -6pp 6% -8pp 22% +1pp

– Operational records – Kitimat and Boyne recovery – Anticipated decrease in gold – Safe Production System
achieved; healthy progressing with full ramp-up sales at Oyu Tolgoi and raw delivering operational
stock levels in 2023 materials inflation impacted improvements at IOC
– Lower pricing (Platts -25%) – Sharp price decrease in EBITDA – Strong markets for TiO2
driving lower EBITDA the second half (-25%), – Average realised price and borates
Performance combined with rising input decreased 5% in conjunction
– Continued focus on – Lower EBITDA due
controllable costs in inflationary costs led to a significant margin with negative provisional to weaker pricing for iron ore,
environment squeeze and 72% reduction in pricing (-$175m) inflationary pressures
EBITDA HoH and higher cash costs

1The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue, excluding freight revenue. Aluminium
©2023, Rio Tinto, All Rights Reserved 10
is defined as integrated operations EBITDA margin | 2Copper and Minerals defined as product group operations | 3Copper includes Oyu Tolgoi underground
Looking ahead - physical markets remain tight
Key commodity price performance1
140 – Commodity prices found some support in recent months,
albeit still lower than at the start of last year
120 – China policy stance has pivoted to pro-growth, with zero-
COVID in rear view and the country’s reopening providing
100 economic recovery in Q2, although volatility still expected in Q1
– Inflationary pressures alleviating going into 2023 with easing
80
pressure on supply chains and lower gas prices, although direct
flow through to the cost base will take time
60
Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 – Global base inventories at low levels. Metal markets
tight and risk of supply disruptions persist. Contraction in seaborne
Aluminium Iron Ore Copper iron ore supply led to stock drawdown at Chinese ports and mills

China consumption show signs of rebounding although economy remains volatile Metal global reported inventories as days of consumption2
units k sqm 25
100,000 5,000
20
80,000 4,000
15
60,000 3,000
10

40,000 2,000 5

20,000 1,000 0
Passenger car sales(4-weeks MA) Property sales (RHS) Jan-20 Jan-21 Jan-22 Jan-23
0 0
Oct-22 Nov-22 Dec-22 Jan-23 Aluminium Copper

©2023, Rio Tinto, All Rights Reserved 1Indexed to Jan 2022 | 2Consumption on 12-months rolling basis. Copper stocks comprising of China bonded warehouse, COMEX, SHFE, LME, Aluminium stocks 11
comprising of Japan Port Stocks, LME, COMEX, SHFE, China social inventories | Source: Market Analysis, Fastmarkets, S&P Global, COMEX, SHFE, LME, WIND, CRU
Pilbara iron ore:
finished the year with strong momentum
Mine production ranges by quarter1
(2019 to 2022, Mtpa) – To offset ongoing depletion and add some growth
during 2023:
360
– Gudai-Darri to reach nameplate capacity on a sustained
basis
2022 – Delivery of up to 5Mt production uplift from Safe Production
340 System
2022
– Entered 2023 with healthy system inventories including
strong blasted stocks, mine and port stocks
320
– Management of cultural heritage sites and engagement
2022
with Traditional Owners continues
– 2023 shipments guidance of 320 to 335Mt remains
300
subject to weather, market conditions, progressing the
2022 ramp-up from new mines and management of cultural
heritage
280

260
Q1 Q2 Q3 Q4

©2023, Rio Tinto, All Rights Reserved 1Minimum and maximum range is based on annualised quarterly figures for the period 2019-2022 12
Safe Production System underpins improvements
across safety, people and productivity
Kennecott concentrator IOC concentrator Amrun fixed plant
Safety AIFR AIFR AIFR
Practices and training
have improved safety* 33% improvement compared 40% improvement compared 29% improvement compared
performance to 2021 to 2021 to 2021
*AIFR measured at the asset

People Employee Satisfaction Employee Satisfaction Employee Engagement

Our measure of engagement
over bi-annual surveys show 6% improvement compared to 5% improvement compared to the 64% improvement compared to
significant improvements the rest of the site. Strongest in rest of the site across collaboration, the rest of the site in employee
in empowerment across empowerment and inclusion empowerment and resources participation in the people survey
lighthouse sites

Productivity Operating Rate Operating Variability Operating Time

SPS supports (quarterly – higher = improvement) (quarterly – lower = improvement) (quarterly – higher = improvement)
Deployment Start
Deployment Start Deployment Start
operating time by 12%1
addressing asset 4%1 16%2
4%2
stability and availability 7%1
2023 2021 70%2 2023
2022 2022 2022
2021 2023 2021

1Absolute change – from deployment start date (data excludes shipping constraints) | 2Improvement change – from

©2023, Rio Tinto, All Rights Reserved deployment start date (data excludes shutdowns & shipping constraints) 13
Replicating the successes
across our assets
Product Group Actual 2023 Total sites1
sites target
Iron Ore 7 2 to 6 9 to 13
Aluminium 7 1 8
Copper 1 0 1
Minerals 1 1 2
Total 16 4 to 8 20 to 24

Priorities in 2023:
- Going deeper at existing sites where - Identify key Kaizens (problem solving
we have already deployed to increase opportunities) to address high-priority
sustainable impact improvements, with replication
across Rio Tinto
- New impact driven deployments
- Upskill our people through training
- Focus on improving asset health and programmes
performance to stabilise production
variability

©2023, Rio Tinto, All Rights Reserved 143 eligible sites across Rio Tinto 14
We will continue to invest consistently through the cycle
01 Essential capex
Integrity, Replacement, Decarbonisation 02 Ordinary dividends
40-60% of underlying earnings on
average through the cycle1
03 Iterative
cycle of…

12.8

6.8
6.2
Further cash
5.2 8.0 returns to Compelling
7.5 shareholders growth2
4.1 6.2 4.0 5.3
3.5 5.2 5.3
2.7
2.1 3.1 1.0
1.5 2.0 1.8
1.3

2019 2020 2021 2022 2019 2020 2021 2022

2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022

Sustaining Other replacement

Pilbara replacement Decarbonisation Declared basis

1Shareholder returns on a declared basis, excluding divestment proceeds returned to shareholders | 2Includes acquisitions of Turquoise Hill Resources and

©2023, Rio Tinto, All Rights Reserved Rincon Lithium, growth capex and E&E spend 15
Investment in compelling growth in 2022
Oyu Tolgoi – Significant investments in growth2
underground in 2022 with the acquisition of Rincon
Turquoise Hill $0.5bn and the purchase of non-controlling
interest in Turquoise Hill Resources
Resources
acquisition
~9%
– In 2023, we expect our share of
$3.0bn1 capital investment to be around
$8bn (previously $8 to $9bn),
Rincon Lithium
$5.3 billion ~16% acquisition
including growth capital of around
$2bn, depending on the ramp-up of
~56% investment $0.8bn spend at Simandou
in value-add
growth in 2022 – In 2024 and 2025, this rises to $9
to $10bn per year, including the
ambition to invest up to $3bn in
growth per year, depending on
Exploration and opportunities
~19% evaluation on Li, Cu,
Fe $0.9bn (expensed),
$0.1bn (capitalised)

1Cash consideration of approximately $3.0 billion was paid in December 2022. Includes transaction costs | 2M&A is in addition to growth
©2023, Rio Tinto, All Rights Reserved 16
capex
Balance sheet remains strong
$bn 2022 2021 2020
Disciplined approach is unchanged, we intend to maintain
it throughout the cycle Net cash generated from operating
16.1 25.3 15.9
Balance sheet strength is an asset. Offers resilience and activities
creates optionality
Capital expenditure 6.8 7.4 6.2
Principles-based approach to anchor balance sheet
around a single A credit rating Dividends paid 11.7 15.4 6.1
Moody’s: A2 (stable), S&P: A (stable)
Net (debt)/cash (4.2) 1.6 (0.7)
No net debt target
Cash and liquid resources 8.8 15.2 12.9
Our financial strength allows us to simultaneously:
Revolving credit facility (5 year
Reinvest for growth (up to $9-10bn per year in total capex 7.5 7.5 7.5
maturity)
depending on opportunities)
Accelerate our own decarbonisation ($7.5bn to 2030, Net debt (cash)/Underlying EBITDA 0.16x -0.04x 0.03x
long term contracts + other indirect investment)
Continue to pay attractive dividends in line with our policy Gearing 7% -3% 1%
(consistent seven-year track record)
Weighted average debt maturity 11 yrs 11 yrs 9 yrs

©2023, Rio Tinto, All Rights Reserved 17

Attractive dividends remain paramount
Shareholder returns1 of 40-60% of underlying earnings
on average through the cycle – $3.7bn of dividends declared for H2,
Payout ratio (%) bringing the full year to $8.0bn

100
– Second highest full year ordinary
90 dividend ever - a 60% payout, in line
with our policy
80

70 – Consistent seven-year track record

60
of shareholder returns

50 – 60% average payout on ordinary

dividend over the past seven years
40
– Total payout ratio has averaged
30 72% over the past seven years
20

10

0
2016 2017 2018 2019 2020 2021 2022 2016-2022

Ordinary dividend Additional return

©2023, Rio Tinto, All Rights Reserved 1On a declared basis, excluding divestment proceeds returned to shareholders 18
Bold Baatar
Chief Executive, Copper

Oyu Tolgoi underground, Mongolia

19
Oyu Tolgoi at an inflection point
Relationship Over 90% of
reset and Conveyor to Surface 1.5km of sinking Approval of the
commenced TRQ complete for Shafts 3 and 4 Feasibility Study
undercut acquisition (commissioning 2024) (commissioning 2024) (OTFS23)

2022 First 2023 Sustainable 50% of 2024

drawbell Production concentrator
(Q1) and conversion
commencement completed
of underground
production

4th largest Panel 0 Estimated average Industry leading World leading cave Best-in-class block
copper-gold 27 drawbells fired, production safety performance monitoring, data caving technical
mine by 20301; first Sustainable ~500ktpa Cu & and water intensity collection and expertise
quartile of Production brought ~330kozpa Au (0.4m3/t), studies for analysis systems (Geotechnical
Cueq2 cost curve forward to Q1 2028-20363 net zero by 2040 Review Board)

1Source: Wood Mackenzie Dec 2022, based on production from committed projects | 2Cueq = copper equivalent | 3Based on the Oyu Tolgoi Feasibility Study

2020 (OTFS20). Remains subject to study work for Panels 1 and 2 (which are required to support the ramp-up to 95,000 tonnes of ore per day) which is expected to be
©2023, Rio Tinto, All Rights Reserved completed in the first half of 2023. See supporting statements on slide 2 20
Committed to long-term partnership in Mongolia
January 2022 agreement delivered Made in Mongolia campaign of
opportunity to reset relationship local suppliers and continued growth
and commitment to continued in Rio Tinto Mongolia Business and
dialogue and partnership Support Centre delivering innovative
group-wide shared services

Mongolia remains highly

prospective for resources, Investment in long term
with a young talented population Mongolian development – $50m in
South Gobi Town Development -
Khanbogd Oyu Tolgoi Catalyst
Workforce of ~20,000 with 97%
Fund starts major projects in local
Mongolian and average age 28
community

500+ national suppliers and

Pro-FDI country focused on long-
~$15bn spent in-country since 2010
term development principles,
including New Economic Revival
Policy

©2023, Rio Tinto, All Rights Reserved 21

Ambition to double volumes
Our ambition is to double annual Copper output by end of decade,
enabled by significant long-life R&R - Well endowed long-life asset portfolio
- Growth pathway includes Kennecott
expansion, Resolution and Winu with upside
- OT volumes to reach ~500ktpa within the
decade3
- Well positioned to support US energy
transition and supply growing demand
for copper
- Kennecott expansion pathways
Today1 Brownfield Greenfield Total Organic Upside Potential (underground and open pit)
Expansion Projects Growth
- Revival of US legacy, Resolution
in established Arizona copper triangle
- 1 of only 2 operating smelters in the US
We have an interest in 2 of top 5 Copper assets globally by 20302
- Escondida is the world’s largest copper mine
Mine Country
with brownfield options
1 Escondida Chile

2 Grasberg Indonesia
- Nuton bioleaching could unlock substantial
volumes with ~80% recoveries
3 Collahuasi Chile

4 Oyu Tolgoi Mongolia

5 Cerro Verde Peru

1Represents 2022 production as disclosed in the Rio Tinto Q4 Operations Review, 17 January 2023, with Oyu Tolgoi adjusted to 100% volumes. Escondida at RT share 30% |
2Source: Wood Mackenzie Dec 2022, based on production from committed projects | 3Based on the Oyu Tolgoi Feasibility Study 2020 (OTFS20). Remains subject to study
©2023, Rio Tinto, All Rights Reserved work for Panels 1 and 2 (which are required to support the ramp-up to 95,000 tonnes of ore per day) which is expected to be completed in the first half of 2023. See 22
supporting statements on slide 2
Jakob Stausholm
Chief Executive

Rincon Lithium, Argentina

23
Framework for a stronger Rio Tinto
Our purpose
Finding better ways to provide the materials the world needs

Our strategy

Decarbonise our assets

50% reduction in our emissions to 2030
Best Impeccable
operator ESG
Help our customers decarbonise
Developing products and technologies
Excel in
development
Growing in materials enabling the energy transition
Ambition to double investment in growth

Our values
Care Courage Curiosity
©2023, Rio Tinto, All Rights Reserved 24
Continuing our journey in 2023

People and
Portfolio Decarbonisation
Operations

- Accelerate our culture journey - Commence and ramp up Oyu - ELYSISTM industrial scale pilot
Tolgoi underground
- Deliver production safely - Queensland smelter repowering
- Build Simandou
- Strengthen operational stability - 230MW of solar in Pilbara
- Progress Resolution and Jadar
- Invest in asset health - BlueSmeltingTM demonstration plant
- Deliver Rincon Lithium starter plant
- Improve people engagement - Renewable diesel trial at Boron
- Explore critical minerals in our
- Deepen relationships with resources - Drive technology – electric steam
communities and Traditional generation and thermal storage
Owners - Value chain partnerships
- Mature pipeline of projects
- Opportunity generation

©2023, Rio Tinto, All Rights Reserved Ranger Mine Water Treatment, Australia 25
Outlook underpins a stronger Rio Tinto for the long term

Key drivers of global economy1 Total commodity demand by 20352 Our future options
Total demand to grow by ~70% by 2035 from 2021 levels,
160
or 3.7% CAGR with demand uplift from Traditional and
Energy
140Transition broadly equal ELYSISTM
Aluminium
Growth AP60
120
1.8-3.2% pa
over 2021-50 100
Climate Oyu Tolgoi Winu
80 Copper Kennecott NutonTM
0.8-11% pa Resolution
decline to 2050 60
40
Security of High-
20 Western Range
supply quality Simandou
Trade interventions 0 iron ore Rhodes Ridge
up ~9x from 2009 Traditional Energy Transition
demand demand
Rincon
Steel (Fe units) Copper Lithium Other lithium
Aluminium Lithium, nickel and cobalt

1Growth and carbon projections from Rio Tinto Group scenarios (11% per annum decline in CO2 emissions based on 2021-49 period in net zero by 2050 pathway). Trade
interventions from Global trade alert database | 2Copper equivalent demand uses average annual prices from 2017-21 with finished steel demand in iron ore equivalent units. Energy
Transition demand calculated on a gross basis. Based on Rio Tinto’s Competitive Leadership scenario. The contribution to growth is based on a net basis, for example, electric
©2023, Rio Tinto, All Rights Reserved 26
vehicles generate incremental demand for copper but actually contain less steel than internal combustion engines | 3Recycling share of total demand is currently higher due to the
existing traditional use of nickel in industry and then declines as battery demand grows faster than recycling
Appendices

Full year results 2022

©2023, Rio Tinto, All Rights Reserved 28

Markets

©2023, Rio Tinto, All Rights Reserved 29

Iron ore market tighter than perceived in 2022
China’s crude steel production (Mt annualised) Iron Ore1 (-25% YoY)
1200 $/dmt

1150 250

1100
200
1050
150
1000
950 100
900
50
850
800 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

5 Yr Range 2021 5 Yr avg 2022 Iron ore (US$/dmt) FY Average

Seaborne Iron Ore supply run rate (Mt annualised2)

– 2022 was the first year since the beginning of the COVID-19 pandemic during which steel
1700
demand in China and the rest of the world contracted simultaneously. Nevertheless, iron ore price
1650 support emanated from disruptions to seaborne supply and scrap availability in China
1600
– China’s steel demand and production declined by -5% YoY and -4% YoY respectively, but with
1550
scrap availability and consumption -12% lower YoY, hot metal output remained largely
1500
unchanged close to 880Mt (-1% YoY)
1450
– China’s 2022 iron ore imports remained effectively unchanged YoY at almost 1.2Bt, while port
1400
inventories were drawn down from 155Mt to 131Mt during the year
1350
1300 – Meanwhile, iron ore supply trended below its 2021 and 5-year average levels during most of
1250 2022, due to extreme rainfall in Brazil during Q1, the war in Ukraine, and India’s decision to
impose export duties. The major iron ore producers shipped 1.13Bt of iron ore (unchanged YoY),
1200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec but the remainder of seaborne supply declined -13% YoY, bringing total iron ore exports down -
3.2% YoY
5yr Range 2021 2022 5yr Avg.

1Monthly average Platts (CFR) index for 62% iron fines | 2Total seaborne suppliers annualised, reported at 100% | YoY = change in annual average price

©2023, Rio Tinto, All Rights Reserved Sources: Rio Tinto Market Analysis, NBS, Kpler, S&P Global 30
Price support for aluminium, copper and TiO2
Aluminium1 (+9% YoY) Copper2 (-6% YoY) TiO2 (chloride slag) (+19% YoY)
4,000 1050 500 1,000

3,500 900 450

900
750
3,000 400
600
2,500 350 800
450
2,000 300
300
700
1,500 150 250

1,000 0 200 600

Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23

LME Aluminium ($/t) FY Average MWP (RHS) Price (c/lb) FY Average CP Slag ($/t) FY average

– Aluminium demand growth slowed in H222, first in – Copper consumption held up as weakness in – TiO2 feedstock price appreciation supported by low
Europe and Asia, then North America later in the residential property was compensated for by inventories and tight supply through 2022
year. However, Chinese aluminium export growth strength in EVs, renewables and non-residential – Demand for TiO2 products was impacted by a
slowed from +34% YoY in H1, to +3% YoY in H2 construction weakening macro environment over the second half.
This resulted in sales volume declines for pigment
– Aluminium production increased by 2% in 2022, – Supply disruptions persisted in 2022, mainly from producers in North America and Europe
driven by 4% growth in China. But low hydropower Latin America, limiting supply growth
generation forced smelter cuts in southern China, – TiO2 feedstock supply growth has been moderate
resulting in a QoQ decline in Q4 output – Visible stocks fell to historically low levels and will despite rising prices
require rebuilding in coming years after market
– Global reported inventories declined substantially in deficits
2022. The market tightness is very clear in the US,
where the Midwest premium has now rallied by over – Investors increased their copper position through H2
50% from the Q4 low
1Average LME price. MWP = US Midwest premium | 2Average LME price | YoY = change in annual average price

©2023, Rio Tinto, All Rights Reserved Sources: Rio Tinto Market Analysis, CME, LME, Mysteel, S&P Global, TZMI 31
Other financials

©2023, Rio Tinto, All Rights Reserved 32

Oyu Tolgoi: Financial modelling
Ownership 66% Rio Tinto, 34% Government of Mongolia
100% consolidation of headline production (from 1 Jan 2023), sales revenue and underlying EBITDA
Accounting treatment
Project finance included in Rio Tinto net debt
$7.06bn (100% consolidated)
Project capex
Includes Shafts 3 and 4, Primary Crusher 2 and Concentrator conversion
~340ktpa copper average 2023 - 2027
Production1 ~500ktpa copper average 2028 - 2036
~290ktpa copper average over ~30 year reserve life
~360kozpa gold average 2023 - 2027
By-products1 ~330kozpa gold average 2028 - 2036
~260kozpa gold and ~1,710kozpa silver average over ~30 year reserve life
C1 unit costs (c/lb) $0.82/lb - $1.43/lb (Real, based on production ranges between ~350kt Cu and ~600kt Cu) over reserve life
0.97% of ore to mill on average 2023 - 2027
Grade (% cu)1 1.28% of ore to mill on average 2028 - 2036
0.82% of ore to mill on average over ~30 year reserve life
$304m average per annum 2023 - 2032
Sustaining capex2
$161m average per annum over ~30 year reserve life
Tax rate Corporate Income 25%, Royalty 5%, VAT 10%

1Based on the Oyu Tolgoi Feasibility Study 2020 (OTFS20). Remains subject to study work for Panels 1 and 2 (which are required to support the ramp-up to 95kt per day) which is
expected to be completed in the first half of 2023.Under OTFS20, the underground operation will continue to ramp up and will peak at over 90% of total annual copper produced from
Oyu Tolgoi (at 95ktpd for 350 operating days per year). Open pit mining will continue in parallel with Hugo North Lift 1 to keep the Oyu Tolgoi concentrator operating at its design
©2023, Rio Tinto, All Rights Reserved capacity. Following depletion of Lift 1, production from the Oyut open pit will be increased to meet mill capacity. See supporting statements on slide 2 | 2Total operations (open pit and 33
underground) including a portion classified as replacement capital. Includes lateral development subject to ongoing studies
Significant movements in iron ore
prices impacting EBITDA
Underlying EBITDA 2022 vs 2021
$m
50,000

40,000

37,720
30,000 886
387 113 401

20,000
( 733)

10,000

0
( 8,101)
-10,000
( 9,155)

-20,000
2021 Price Iron ore
1
Copper Aluminium
2
Industrial minerals Diamonds Other, net
underlying
EBITDA

©2023, Rio Tinto, All Rights Reserved 1Iron ore includes Pilbara, portside trading and IOC | 2Aluminium includes alumina and bauxite 34
Improvement in volumes and mix driven by higher China
portside sales and favourable value-added products
Underlying EBITDA 2022 vs 2021
$m

37,720 524
364
801
606 57 48
(8,101) (1,169) (1,478) 27,773
(31) (15)

(341)

1 2
Iron Ore Aluminium Iron & Gold Molybdenum Copper Other
Titanium

2021 Price Exchange Energy Inflation Flexed Volumes

underlying rates 2021 & Mix
EBITDA underlying
EBITDA

©2023, Rio Tinto, All Rights Reserved 1Iron ore includes Pilbara, portside trading and IOC | 2Aluminium includes alumina and bauxite 35
 Simplified earnings by Business Unit
Primary Metal Atlantic Pacific Aluminium Copper Pilbara

Sales volume 2,204kt 1,010kt 594kt6 277.6Mt9

Average benchmark price $2,703/t $2,703/t 398c/lb7 $109.8/dmt10

Premiums, provisional pricing, by-product sales, product mix, other $767/t2 $321/t2 58c/lb $(3.7)/dmt
Revenue per unit $3,470/t3 $3,024/t3 456c/lb $106.1/dmt

Unit cost $1,729/t1,4 $2,237/t1,4 237c/lb1,8 $21.3/t11

Other costs per unit $640/t5 $295/t5 (6)c/lb5 $18.3/t12
Margin per unit $1,101/t $492/t 225c/lb $66.5/t

Total EBITDA ($m) 2,426 497 2,947 18,474

1Calculated using production volumes | 2Includes Midwest premium duty paid, which was 57% of our volumes in 2022 and value added premiums which were 50% of the primary metal we sold | 3Segmental revenue per Financial Information by

Business Unit includes other revenue not included in the realised price | 4Includes costs before casting | 5Includes net inventory movements to derive margin per unit on a sales basis | 6Copper consolidated share, Kennecott and Oyu Tolgoi at 100%,
Escondida at 30% | 7Average LME | 8C1 copper unit costs on a gross basis (excluding by-product credits) | 9Consolidated basis | 10Platts (FOB) index for 62% iron fines | 11FOB basis, includes COVID-19 costs of $0.4/t | 12Includes freight and royalties

©2023, Rio Tinto, All Rights Reserved 36

Iron Ore
Financial metrics 2021 Shipments3 2023
($bn) 2022 comparison 2023 guidance (Mt, 100% basis) guidance 2022 2021 2020 2019 2018

Segmental revenue 30.9 - 22% Pilbara Blend 203.9 202.9 232.7 228.1 245.4

EBITDA 18.6 - 33% Robe Valley 25.5 25.2 30.3 27.4 32

Margin (FOB)3 68% - 8pp Yandicoogina 56.9 56.9 57.7 57.1 57.4

Operating cash flow 14.0 - 27% SP10 35.4 36.6 9.9 14.8 3.4

Sustaining
Capex 2.9 - 26% Total 320-335 321.6 321.6 330.6 327.4 338.2
~$1.54

Free cash flow 11.0 - 27%

Underlying ROCE 62% - 38pp

Average realised price1,3 ($/t) 106.1 - 26%

Unit cost2,3 ($/t) 21.3 + 15% 21.0-22.5

1Drymetric tonne, FOB basis | 2Unit costs are based on operating costs included in EBITDA and exclude royalties (State and third party), freight,
depreciation, tax and interest. Unit costs are stated at an Australian dollar exchange rate of 0.69 for 2022 actuals and 0.70 for 2023 guidance. Excludes
©2023, Rio Tinto, All Rights Reserved COVID-19 response costs of 0.4 per tonne (0.5 in 2021) | 3Pilbara only. All other figures reflect Pilbara operations, portside trading and Dampier Salt | 37
4Subject to ongoing inflationary pressure
Iron Ore
Significant movement in price driving lower EBITDA
Underlying EBITDA 2022 vs 2021
$m
US$ strengthened Higher sales volumes from our
8% against A$ portside iron ore business in China

27,592 562
390

(8,801) (405) (276) 18,500 (243) (207) 18,612

2021 Price Exchange rates Energy Inflation Flexed 2021 Volumes Cash costs Other1 2022
underlying underlying and Mix underlying
EBITDA EBITDA EBITDA

Platts index for 62% iron Higher diesel prices $0.88/l Higher inflation in Increased resourcing to support the ramp-up
fines (FOB) down 25% compared to $0.49/l in 2021 Australia of Gudai-Darri including core maintenance
compared to 2021 crews, targeted investment in pit health and
system reliability and price pressure on inputs

©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense 38
Investment in the Pilbara, with the backdrop of
inflationary and market pressures on prices
Pilbara iron ore unit cash costs, free on board (FOB) basis -
US$ per wet metric tonne

21.0
to
- Increase from 2021 primarily due to input
1.9 21.7 22.5 price escalation and includes investment to
2.7 20.4 (0.5) 0.4
support the ramp-up at Gudai-Darri and
19.1 (0.1) targeted investment in pit health and asset
0.5 maintenance across the Pilbara
COVID-19
(1.4)
costs - 2023 unit cost guidance range of $21.0 to
$22.5/t excluding COVID-19 includes:
- Ramp-up of Gudai-Darri
- Continued focus on asset integrity and
management of controllable cost base
- Some volume benefits
- A$:US$ exchange rate of 0.70

2021 Foreign Inflation & 2021 FY Volumes Investment Other 2022 2023
exchange Market rebased Guidance
driven

©2023, Rio Tinto, All Rights Reserved 39

Aluminium
Financial metrics 2021 Production 2023
($bn) 2022 comparison (Mt, Rio Tinto share) guidance 2022 2021 2020 2019 2018

Segmental revenue 14.1 + 11% Bauxite 54-57 54.6 54.3 56.1 55.1 50.4

EBITDA 3.7 - 16% Alumina 7.7-8.0 7.5 7.9 8.0 7.7 8.0

Margin (integrated operations) 29% - 9pp

Aluminium 3.1-3.3 3.0 3.2 3.2 3.2 3.2

Operating cash flow 3.1 - 15%

Capex (excl. EAUs) 1.4 + 6%

Free cash flow 1.7 - 27%

Underlying ROCE 10% - 6pp

Aluminium realised price1 $3,330/t + 15%

Average alumina price2 $362/t + 10%

Canadian3 smelters –
$1,678 + 22%
hot metal cash cost4

1LME plus all-in premiums (product and market) | 2Platts Alumina PAX FOB Australia | 3Canadian smelters include all fully-owned smelters in Canada (Alma,

AP60, Arvida, Grande-Baie, Kitimat and Laterrière), as well as our share of the Becancour and Alouette smelters | 4The smelting unit cash cost refers to all
costs which have been incurred before casting, excluding depreciation but including corporate allocations and with alumina at market price, to produce one
©2023, Rio Tinto, All Rights Reserved metric tonne of primary aluminium 40
Aluminium
Significant margin squeeze, particularly in second half
Underlying EBITDA 2022 vs 2021
$m
Higher LME prices in Aluminium US dollar strengthened Favourable product premiums, 2021 impacted by closure
(+9%) YoY. However, from H1 2022 8% against A$ and 4% particularly our billet products and environmental provisions
to H2 2022, LME dropped 24% against C$ in addition to higher US at NZAS and Bell Bay
market premiums achieved

787 275
4,756 364
4,382 (226) 151 3,672
(462)
(1,270) (329)

2021 Price Exchange rates Energy Inflation Flexed 2021 Volumes Cash costs One-offs Other1 2022
underlying underlying & Mix . underlying
EBITDA EBITDA EBITDA

Higher coal and diesel prices Higher inflation in most countries Higher prices for raw Impact of Kitimat strike
impacting our Pacific assets where we operate, significantly in materials, particularly
Australia, Canada caustic soda, coke and pitch

©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense 41
Composition of alumina and aluminium production costs
Production cash costs
Alumina refining Input H1 2021 H2 2021 H1 2022 H2 2022 Inventory FY22 Annual Cost
100% 100% 100% 100% 100% 100% Costs (Index price) Flow 4 Sensitivity
13% 13% 14% 14% 13% 14%
12%
Caustic Soda1 ($/t) 274 535 675 595 3 – 4 months $10m per $10/t
14% 15% 22%
23% 24%

39% 41% 37% 32% Natural Gas2 ($/mmbtu) 2.85 4.59 6.02 7.01 0 - 1 month $4m per $0.10/GJ
31% 30%

34% 34% 34% 32% 33% 32%

Brent Oil3 ($/bbl) 64.6 76.3 105.9 93.8 N/A $2m per $10/barrel

FY 2021 H1. 2021 H2 2021 FY 2022 H1 2022 H2 2022

1. North East Asia FOB
Energy Caustic Bauxite Conversion 2. Henry Hub
3. Brent
4. Based on quarterly standard costing (moving average)

Aluminium smelting (hot metal)

Input H1 2021 H2 2021 H1 2022 H2 2022 Inventory FY22 Annual Cost
100% 100% 100% 100% 100% 100%
Costs (Index price) Flow 8 Sensitivity

41% 42% 40% 41% 42% 39% Alumina5 ($/t) 288 369 395 328 1 - 2 months $64m per $10/t

15% 14% 16% 21% 19% 23% Petroleum Coke6 ($/t) 373 491 695 719 2 - 3 months $11m per $10/t
21% 20% 22%
19% 20% 19%
2% 2% 2% 2% 2% 2% Coal Tar Pitch7 ($/t) 748 818 1,103 1,476 1 - 2 months $2m per $10/t
21% 22% 20% 17% 17% 17%

FY 2021 H1. 2021 H2 2021 FY 2022 H1 2022 H2 2022 5. LME Australia

6. US Gulf (FOB)
Alumina Carbon Power Materials Conversion 7. North America (FOB)
8. Based on quarterly standard costing (moving average)

©2023, Rio Tinto, All Rights Reserved 42

Aluminium Value Chain
2022 Actuals
Mining Refining1 Aluminium Casting

Bauxite 30% Alumina

54.6dmt 8.0mt
80%

Aluminium Casthouse
100%
RTA 3.0mt Prodn
Intersegment 70% 20%

50% 50%

3rd Party
Sales Bauxite Alumina VAP Non-VAP
38.0dmt 2.0mt

1As the result of Queensland Alumina Limited's (QAL) activation of a step-in process following sanction measures by the Australian Government, we have taken on 100% of
©2023, Rio Tinto, All Rights Reserved capacity for as long as the step-in continues. We are using Rusal’s 20% share of capacity under the tolling arrangement with QAL. This additional output is excluded from our 43
production results as QAL remains 80% owned by Rio Tinto and 20% owned by Rusal. The above values represent 100% of capacity
Copper
Financial metrics 2021 2023 Production 2023
($bn) 2022 comparison guidance (kt, Rio Tinto share) guidance 2022 2021 2020 2019 2018

Segmental revenue 6.7 - 14% Mined copper 650 to 7102 521 494 528 577 608

EBITDA 2.4 - 40% Refined copper 180 to 210 209 202 155 260 275

Margin (product group

49% - 10pp
operations)

Operating cash flow 1.4 - 48%

Capex 1.6 + 22%

Free cash flow (0.3) - 120%

Underlying ROCE4 6% - 8pp

Copper realised price1 403c/lb - 5%

Unit cost3 163c/lb + 99% 160-180c/lb

1Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which negatively impacted revenues in 2022 by
$175m (2021 positive impact of $246m) | 2Oyu Tolgoi production for 2022 remains on a 33.52% Rio Tinto share basis. Subsequent to Rio Tinto’s acquisition of Turquoise Hill
Resources which completed on 16 December, 2023 mined copper guidance now includes Oyu Tolgoi on a 100% consolidated basis and continues to reflect our 30% share
of Escondida | 3 Unit costs for Kennecott, OT and Escondida utilises the C1 unit cost calculation where Rio Tinto has chosen Adjusted Operating Costs as the appropriate
cost definition. C1 costs are direct costs incurred in mining and processing, plus site G&A, freight and realisation and selling costs. Any by-product revenue is credited
©2023, Rio Tinto, All Rights Reserved against costs at this stage | 4Underlying ROCE is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed 44
Copper
Anticipated decrease in gold sales at Oyu Tolgoi
and raw materials inflation impacted EBITDA
Underlying EBITDA 2022 vs 2021
Higher general inflation in US, Chile Higher cash unit costs as a Gain on land swap at
$m
and Mongolia increasing employee result of lower copper and Kennecott in 2022
costs and other cash costs gold volumes

3,969

2,947
(658) (4) (158)
(202) 70 2,376
(329)
(312)

2021 Price Exchange rates Energy Inflation Flexed 2021 Volumes Cash costs Other*1 2022
underlying underlying & Mix underlying
EBITDA EBITDA EBITDA

Lower realised prices (-5%) to 403c/lb and Higher fuel and power Lower volumes at Kennecott as a result of various
negative impact of provisional pricing as prices across all operations operational challenges in 2022. Lower gold grades
result of decline in prices at end of December at OT as we move from phase 4b (higher grade) to
phase 5 (lower grade) in the mine sequencing

©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense 45
Minerals
Financial metrics 2021 Production 2023
($bn) 2022 comparison (Rio Tinto share) guidance 2022 2021 2020 2019 2018

Segmental revenue 6.8 + 4% IOC (Mt) 10.5-11.5 10.3 9.7 10.4 10.5 9.0

EBITDA 2.4 - 7% Borates – B2O3 content (kt) ~0.5Mt 532 488 480 520 512

Margin (product group

40% - 3 pp Titanium dioxide slag (kt) 1.1-1.4Mt 1,200 1,014 1,120 1,206 1,116
operations)

Operating cash flow 1.5 + 6% Diamonds3 (kt) 3.0-3.8Mt 4,651 3,847 3,731 4,031 4,358

Capex 0.7 + 5%

Free cash flow 0.8 + 7%

Underlying ROCE4 22% + 1 pp

IOC pellets price1 $190/t - 11%

TiO2 slag price2 $940/t + 19%

1Wet metric tonne | 2TZMI chloride slag assessment in December 2022, excludes UGS | 3Diavik only. On 17 November 2021, Rio Tinto’s interest in Diavik increased

from 60% to 100%. Production and financials reflect this from 1 November 2021 | 4Underlying ROCE is defined as underlying earnings (product group operations)
©2023, Rio Tinto, All Rights Reserved excluding net interest divided by average capital employed 46
Minerals
Resilient portfolio despite inflationary pressures
Underlying EBITDA 2022 vs 2021
$m

Higher slag, borates and diamonds US dollar strengthened 4% Impact of Diavik acquisition
prices (+$615m) partly offset by lower against Canadian dollar offsetting E&E spend from Rincon
iron ore prices in IOC (-$502m)

113 108
2,603 2,428 88 2,419
(116)
(280) (5) (92)

1
2021 underlying Price Exchange rates Energy Inflation Flexed 2021 Volumes Cash costs Other* 2022 underlying
EBITDA underlying and Mix EBITDA
EBITDA

Higher fuel costs (impacting IOC, Higher inflationary Driven by higher input costs at RTFT
Borates, Diavik) and natural gas pressures across all and operating challenges from
prices (impacting RTIT and Borates) operations COVID and lower grades at Diavik

©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense 47
Impacts of inflation on closure liabilities –
accounting treatment
– At 30 June and 31 December, we reflect the latest view of The effect of inflation is recorded within three separate line items
closure cost obligations in current year real terms, by adjusting in the table of provisions depending on nature of the adjustment
the existing estimate for current year inflation and underlying cash flows as follows:
– Inflation expectations have risen significantly in 2022.
Assumptions and outcomes across the Group's most significant
regions have averaged around 2% in recent years but increased 01
throughout 2022. The table below shows our inflation Adjustments to mining properties - increase in existing and new
assumptions at each balance sheet date. The long-term discount provisions (for sites currently operating)
rate in USD real-terms of 1.5% remains unchanged

02
Jan inflation Jun inflation Dec inflation
1 1 1 Charged to profit - increase in existing and new provisions
assumption assumption assumption
charged to operating costs for fully impaired / closed sites and
% % % clean-up provisions
Australia 5.5 12.4 16.4
USA 5.2 12.9 13.6
03
Canada 6.6 13.6 12.2 Amortisation of discount comprises country specific inflation plus a
long-term discount rate in USD real-terms of 1.5%

©2023, Rio Tinto, All Rights Reserved 1Source: Oxford Economics, local rates of inflation based on Producer Price Inflation (PPI) indices 48
Impacts of inflation on closure liabilities - disclosure
Closure liabilities roll forward (US$m) H1 H2 FY22 PY21 Weaker Australia dollar, Canadian dollar
and South African Rand against the US
dollar in 2022.

At 1 January 14,542 14,542 13,335

H1 2022 H2 2022
At 30 June 14,835 Includes adjustment to mining properties for Includes adjustment to mining properties
operating assets as a result of changes in for operating assets as a result of
Adjustment on currency translation (514) (185) (699) (483) forecast cash flows due to change in changes in forecast cash flows including
outlook on inflation between a change in outlook on inflation between
Increases to existing and new provisions 345 175 520 518 1 Jan and 30 June 2022. 30 June and 31 December 2022.

Charged/(credited) to profit: Capitalised to PP&E and depreciated over Capitalised to PP&E and depreciated over
life of mine life of mine
– increases to existing and new provisions 206 335 541 1,475

– unused amounts reversed (18) (54) (72) (192) H1 2022 H2 2022

Includes adjustment to mining properties for Includes adjustment to mining properties
– exchange losses on provisions 24 (7) 17 23 closed sites as a result of changes in for closed sites as a result of changes in
forecast cash flows due to change in forecast cash flows including a change in
– amortisation of discount 503 1,014 1,517 415 outlook on inflation between outlook on inflation between
1 Jan and 30 June 2022. 30 June and 31 December 2022.
Utilised in year (256) (353) (609) (541)
$43m excluded from underlying earnings $137m excluded from underling earnings
Transfers and other movements 3 (1) 2 (8) for legacy sites that were closed prior to for legacy sites that were closed prior to
their acquisition by Rio Tinto. their acquisition by Rio Tinto.

At 30 June 14,835 H1 2022 H2 2022

Amortisation of discount based on opening Amortisation of discount based on annual
At 31 December 15,759 15,759 14,542 inflation assumptions at January for 2022. inflation assumptions at June.

©2023, Rio Tinto, All Rights Reserved 49

Cash flow reconciliation
Statutory cash Reconciling Underlying
2022 Cash Flow (US$m)
flow items cash flow Utilisation of provisions
Profit after tax for the year/Underlying EBITDA 13,076 26,272 Close down and restoration (609)
Adjustments for: Post-retirement benefits and other employee benefits (254)
– Taxation 5,586 Other provisions (176)
– Finance items 1,846 (1,039)
– Share of profit after tax of equity accounted units (777) (1,111)1 (1,888)
– Impairment of investments in equity accounted units after tax 202 (202)2 -
– Loss on disposal of interest in subsidiary 105 (105)2 - Change in working capital
– Impairment reversals (150) 1502 - Inventories (1,185)
– Depreciation and amortisation 5,010 Trade and other receivables 20
– Provisions (including exchange differences on provisions) 1,006 (180)2 826 Trade and other payables 700
Utilisation of provisions (1,039) (1,039) (465)
Change in working capital (465) (465)
Other items (1,242) 693 (548)
Cash flows from consolidated operations 23,158 Other items
Dividends from EAUs 879 879 Reconciling
Statutory Underlying
items
Net interest paid (573) (573) Gain on sale of
(432) 4322 -
Dividends paid to non-controlling interests (421) (421) Cortez
Change in non-debt
Tax paid (6,909) (6,909) (551) 62 (545)
derivatives3
Net cash generated from operating activities 16,134 Depreciation
(157) 1574 -
transferred
Purchases of PPE (6,750)
Other items2,4 (102) 99 (3)
Lease principal payments (374)
(1,242) 693 (548)
Free cash flow 9,010

1Relates to Finance items, tax, depreciation & amortisation of EAUs which is not included in Underlying EBITDA | 2Relates to exclusions not

©2023, Rio Tinto, All Rights Reserved included in Underlying EBITDA | 3Includes $0.4bn of cash losses from currency hedges on our external dividends | 4Part of the reconciling 50
items include depreciation in E&E expenditure and depreciation transferred not recognised in underlying cashflows
Income Statement: exclusions
2022 2021
Per Annual Per Annual
Exclusions Underlying Exclusions Underlying
Report Report
Consolidated sales revenue 55,554 55,554 63,495 63,495
Net operating costs (excluding items disclosed separately) (34,770) (374) (35,144) (32,690) 811 (31,879)
Impairment reversals/(charges net of reversals) 150 (150) — (269) 269 —3
Loss on disposal of interest in subsidiary (105) 105 — — —
Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) (896) (896) (719) (719)
Operating profit 19,933 (419) 19,514 29,817 1,080 30,897
Share of profit after tax of equity accounted units 777 777 1,042 1,042
Impairment of investments in equity accounted units (202) 202 — — —
Profit before finance items and taxation 20,508 (217) 20,290 30,859 1,080 31,939
Net exchange gains/(losses) on external and intragroup net (debt)/cash balances 253 (253) — 802 (802) —
Net losses on derivatives not qualifying for hedge accounting (424) (424) (231) (231)
Finance income 179 179 64 64
Finance costs (335) 421 86 (243) 230 (13)
Amortisation of discount on provisions (1,519) (1,519) (418) (418)
Finance items (1,846) 168 (1,678) (26) (572) (598)
Profit before taxation 18,662 (49) 18,613 30,833 508 31,341
Taxation (5,586) 902 (4,684) (8,258) (224) (8,482)
Profit after tax for the year 13,076 853 13,929 22,575 284 22,859
– attributable to owners of Rio Tinto (net earnings) 12,420 855 13,275 21,094 286 21,380
– attributable to non-controlling interests 656 (2) 654 1,481 (2) 1,479

©2023, Rio Tinto, All Rights Reserved 51

Modelling EBITDA

Underlying EBITDA sensitivity

Average published price/ US$m impact on full year 2022 underlying

exchange rate for FY 2022 EBITDA of a 10% change in prices/exchange rates

Aluminium - US$ per tonne 2,703 1,076

Copper - US cents per pound 398 505

Gold - US$ per troy ounce 1,800 68

Iron ore realised price (FOB basis) - US$ per dry

106.1 2,608
metric tonne

Australian dollar against the US dollar 0.69 629

Canadian dollar against the US dollar 0.77 339

Oil (Brent) - US per barrel 100 220

Note: The sensitivities give the estimated effect on underlying EBITDA assuming that each individual price or exchange rate moved in isolation. The
relationship between currencies and commodity prices is a complex one and movements in exchange rates can affect movements in commodity prices and vice
©2023, Rio Tinto, All Rights Reserved versa. The exchange rate sensitivities include the effect on operating costs but exclude the effect of revaluation of foreign currency working capital 52
Debt maturity profile1
On 16 February 2023, the $3.9bn Oyu Tolgoi Project Finance facility was re-scheduled and principal
repayments deferred
– At 31 December, average outstanding
$m 31 December 2022 debt maturity of corporate bonds ~15
2,000 years (~11 years for Group debt)
1,500 – OT Project Finance re-scheduling has
extended the average outstanding debt
1,000 maturity for Group debt to ~12 years

500
– Under the OT Project finance, the
lenders have agreed to a deferral of
0 the principal repayments by three
years to June 2026 and to an
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052+
extension of the final maturity date
External borrowings Leases by five years from 2030 to 2035

$m – No corporate bond maturities until 2024

22 February 2023 (post OT re-scheduling)
2,000 – Liquidity remains strong under
stress tests
1,500
– $7.5bn back-stop Revolving Credit Facility
1,000 matures in November 2027. It has an
additional one-year extension option
500

0
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052+
External borrowings Leases
1Numbers based on December 2022 accounting value. The debt maturity profile shows $1.2bn of capitalised leases under IFRS 16, numbers include an
©2023, Rio Tinto, All Rights Reserved 53
adjustment to reflect that in February 2023 the Oyu Tolgoi project financing was re-scheduled and principal re-payments deferred.
Guidance

©2023, Rio Tinto, All Rights Reserved 54

Balancing near-term returns to shareholders

1 Essential capex
Integrity, Replacement, Decarbonisation

Further cash
Compelling

2
returns to
Ordinary dividends growth
shareholders

3 Iterative cycle of Debt

management

©2023, Rio Tinto, All Rights Reserved 55

 Disciplined investing for growth and decarbonisation

Capital expenditure profile (Rio Tinto share)

$bn – In 2023, we expect our share of capital
~9.0-10.0
~9.0-10.0 investment to be around $8.0bn (previously
$8.0 to $9.0bn), including growth capital1 of
~8.0 around $2.0bn, depending on the ramp-up of
7.4 spend at Simandou
6.8
6.2 – Ambition to grow and decarbonise reflected
5.5
5.4 in 2024-25 capex of ~$9-10bn including up to
$3bn in growth investment, depending on
opportunities

– Direct decarbonisation investment

of ~$7.5bn2 to 2030, predominantly in
second half of decade. Long term contracts
and opex in addition

2018A 2019A 2020A 2021A 2022A 2023F 2024F 2025F – Average annual sustaining capital of ~$3.5bn

– Replacement capital remains $2-3bn per

year
Growth Other replacement Pilbara replacement

Decarbonise our assets Sustaining Depreciation

©2023, Rio Tinto, All Rights Reserved 1M&A is in addition to growth capex | 2Estimated investment as of 31 December 2022 (Rio Tinto share of capital investment) 56
Ambition to invest up to $3 billion in growth per year

Committed capex Advanced projects

Rio Tinto share
of growth capital
Represents the Group’s economic
investment in key growth projects
through 2023-2025 ~45% Oyu Tolgoi Simandou

Introduced to better represent our Studies progressing towards approval in period

share of investment for capital
projects which are jointly funded
with other shareholders ~15%
(e.g. Simandou) – better reflecting
our approach to capital allocation
Rincon and other lithium Resolution Copper

~40%

Kennecott underground AP60 expansion

©2023, Rio Tinto, All Rights Reserved 57

Group level financial guidance

2023 2024 2025

CAPEX

Total Group ~$8.0bn ~$9.0 – 10.0bn ~$9.0 – 10.0bn

Group Sustaining Capex ~$3.5bn ~$3.5bn ~$3.5bn

Pilbara Sustaining Capex ~$1.5bn1,2 ~$1.5bn2 ~$1.5bn2

– $1.5bn to decarbonise our assets over next three years

– Total decarbonisation investment of ~$7.5bn1 in this decade, predominantly in second half
– Ambition to grow and decarbonise reflected in 2023-24 capex of $9-10bn including up to $3bn in growth spending, depending on opportunities
– Replacement spending $2-3bn per year

Effective tax rate ~30%

Returns Total returns of 40 – 60% of underlying earnings through the cycle

©2023, Rio Tinto, All Rights Reserved 1Subject to ongoing inflationary pressure | 2Pilbara sustaining capex included within Group sustaining 58
Product group level guidance

2023 2023
Production Guidance Unit cost guidance4

Pilbara iron ore 320 – 335Mt1

Pilbara Iron ore ($/tonne) $21.0 – $22.5
shipments (100% basis)

Copper
Copper C1 (US cents/lb) 160 – 180
Mined Copper 650 – 710kt2
Refined Copper 180 – 210kt

Aluminium
Bauxite 54 – 57Mt
Alumina 7.7 – 8.0Mt
Aluminium 3.1 – 3.3Mt

Minerals
TiO2 1.1 – 1.4Mt
IOC pellets and concentrate3 10.5 – 11.5Mt
B2O3 ~0.5Mt
Diamonds 3.0 – 3.8m carats

1Pilbara shipments guidance remains subject to weather, market conditions, progressing the rump-up from new mines and management of cultural heritage
2Oyu Tolgoi production for 2022 remains on a 33.52% Rio Tinto share basis. Subsequent to Rio Tinto’s acquisition of Turquoise Hill Resources which completed
on 16 December, 2023 mined copper guidance now includes Oyu Tolgoi on a 100% consolidated basis and continues to reflect our 30% share of Escondida |
©2023, Rio Tinto, All Rights Reserved 3Iron Ore Company of Canada | 4FY23 guidance is based on A$:US$ exchange rate of 0.70 and excludes COVID-19 response costs 59
Application of the returns policy
Capital return considerations Comments

– Operating cash flow of $16.1bn

1
Results for FY 2022 – FCF of $9.0bn
– Underlying earnings down 38% to $13.3bn

– Focused on Oyu Tolgoi

Long-term growth prospects – Investing in replacing high quality assets in Pilbara and Kennecott
– Ongoing exploration and evaluation programme

Balance sheet strength – Strong balance sheet with net debt of $4.2bn

– Full year pay-out of 60% based on (i) Strong financial performance in 2022 (ii) strong
40-60 per cent of underlying earnings through the cycle
balance sheet (iii) outlook

– Defined growth pipeline and a strong balance sheet providing capacity for shareholder return
– Our priority is to generate long-term value by consistently implementing our strategic objectives
Balanced between growth and shareholder returns – through the cycle. We continue to maintain our capital discipline in times of macro-economic
challenge and uncertainty. We have made additional returns in times of surplus cash flow and lower
capital needs and we will continue to pay attractive dividends to our shareholders in line with our
pay-out policy

– The economic outlook is moderating with China reopening and pivot to pro-growth although volatility
Outlook still expected in Q1, inflationary pressures are alleviating going into 2023 with easing pressure on
supply chains and lower gas prices, although direct flow through to the cost base will take time

©2023, Rio Tinto, All Rights Reserved 1Free cash flow is defined as net cash generated from operating activities less purchases of PP&E less lease principal payments plus sales of PP&E 60
Safe Production System
and Decarbonisation

©2023, Rio Tinto, All Rights Reserved 61

Safe Production System (SPS)

Best operator
Strong, Front line
stable customer-
Building a lasting competitive advantage with our assets focused
support
people. We want to empower them to safely run
assets that are in control, capable and
performing better than any of our competitors. Great people

Effective,
simple
Care Courage Curiosity processes

©2023, Rio Tinto, All Rights Reserved 62

Site-by-site progression: 30 deployments in 16 sites
(end of December 2022)
Tom Price Brockman 4 Yandi West Angelas Rail Marandoo Hope Downs

Iron Ore
sites
deployed

Amrun Grand Baie Arvida Laterriere Kitimat Bell Bay Yarwun

Aluminium
sites deployed

Iron Ore Company

Kennecott Canada
Copper/
Minerals sites
deployed Major process Planning Launched Maturing Embedded
deployment

©2023, Rio Tinto, All Rights Reserved 63

Processing accounts for the majority of our carbon
footprint - Our scope 1 and 2 emissions
2022
equity basis

30.3
Mt CO2e
Aluminium 48%

Bauxite & Alumina 21%

Minerals 13%

Iron Ore 10%

Copper 5%

Shipping & corporate functions 2%

% of total

1Our Iron Ore product group is primarily our operations in the Pilbara and includes some salt production. Our Minerals Product Group includes the Iron Ore

Company of Canada (IOC) | Our 2022 equity emissions does not include the additional equity share of the Oyu Tolgoi mine that was purchased in mid-December
©2023, Rio Tinto, All Rights Reserved 2022 | 2Other includes PFCs and land-based emissions. Note the sum of the categories may be slightly different to the total due to rounding 64
Pursuing an abatement pathway to
reach our 2030 target
Mt CO2e emissions by major abatement programmes – equity share

©2023, Rio Tinto, All Rights Reserved 65

Value-accretive decarbonization
at a modest carbon price
Renewables Alumina process heat
Pilbara: Phase 1 – solar plus on-grid battery storage QAL double digestion1

– 230MW solar plus 200MWh of on-grid battery storage solutions – Energy efficient digestion process
delivered 2023-26
– Capex $0.3bn
– Capex $0.6bn
– ~$80m pa opex cost saving by reducing bauxite,
Value – Builds on 34MW already installed at Gudai-Darri. Long lead Value raw material and energy costs
accretive investment approved for 100MW - Pilbara Coastal Solar accretive – Abatement reduction of ~350kt CO2e emissions
at ~$40/t – 6PJ of annual gas displacement by end 2026, delivering gas at zero – 2023 pilot plant; replication opportunity at Yarwun
carbon price savings of ~$55m pa at current prices carbon price
– Abatement reduction of ~300kt pa CO2e emissions,
upside based on tracking rather than fixed assembly
for some assets

©2023, Rio Tinto, All Rights Reserved 1All QAL double digestion metrics on 100% basis. 66
Supply chain emissions: scope 3 (equity basis)

©2023, Rio Tinto, All Rights Reserved 67

Decarbonisation abatement programmes
Programme Description & Key Sites Funding mechanism Example project - Economics
Pacific Operations Renewables: smelters – Long-term market contracts – Commercial solutions achieved through government partnerships and long-
Repower Boyne | Tomago – Government partnerships term contracts
– Assets will need to remain competitive

Renewables Solar & wind renewables – Phase 1 – 230MW solar + 200MWh of on-grid battery storage is value
Pilbara | Weipa – Capital - Build own operate accretive at a carbon price of <$40/t driven by $55m reduction in gas
QMM | Kennecott | RBM – Long-term market contracts displacement costs at current prices

Diesel HME & Diesel switching – Capital: – Bio-fuels: comparable cost to diesel1 & de-risking of technical risk in fleet
Ph I: Bio-fuels – Land acquisitions (non-edible feedstock) electrification
Ph II: Fleet electrification – HME – Diesel cost savings post fleet electrification
Pilbara | IOC

Alumina process heat Electrification of boilers – R&D – QAL double digestion is value accretive at zero carbon price driven by
Process & energy efficiency – Capital reducing bauxite, raw material and energy costs
H2 calcination – replacement – A subset of projects are value accretive at a carbon price of $50/t to 100/t
Vaudreuil | QAL | Yarwun

Mineral processing New technologies – R&D – IOC steam plant fuel reduction - 40MW electric boiler conversion is value
Electrification of boilers – Capital accretive at a zero carbon price
IOC | RTIT | Borates – Government / industry partnerships – Technology and economics remain progressing on a number projects
– The electrification of the boilers will require new commercial renewable
energy contracts as well as capital

Aluminium anodes ELYSISTM technology – R&D – Commercial scale technology from 2024
All smelters – Capital – Value generation through scale-up later
Nature-based Solutions High quality offsets – Capital land acquisitions – Development costs of high-quality projects on or near our assets are
8 large scale sites – Operating costs currently estimated at $20-50/t CO2e, the range reflects varying project
types and landscapes

©2023, Rio Tinto, All Rights Reserved 1At our Boron site due to Californian subsidies. 68
Rio Tinto Energy Development is dedicated to
developing and partnering for renewables
Isal
45 energy industry professionals recruited
Kitimat to focus solely on delivering new
Oyu renewable supply to Rio Tinto’s operations
IOC & Tolgoi
Saguenay
Kennecott &
Resolution Globally resourced team ensures industry
Boron best practice is delivered across all our
sites
Sohar Australian
Bauxite
No one size fits all approach – optimize
Pilbara for security, LCOE, capex, ROCE, NPV
Rincon
RBM Pacific
Aluminium Partnerships and PPAs common in our
major grids (e.g. Pacific Australia), direct
investment preferred for our integrated
Existing renewable energy supply GW 7GW production systems (e.g. Pilbara,
Rio Tinto renewable projects GW 1GW Saguenay)
New Development
Grid partnered renewable projects GW 7.5GW

Advantaged regions for renewables

©2023, Rio Tinto, All Rights Reserved Note: Majority existing renewables are hydro powered, new development is wind and solar with lower capacity factors 69
Technical and
innovation

©2023, Rio Tinto, All Rights Reserved 70

Our portfolio: Partnering to deliver value
via technical breakthroughs
Working across the full breadth of Rio Tinto’s commodities and assets

Jadar Process Development Rincon NutonTM RIMs and KIMs1

De-risking process development for Jadar Rapid support to process development and Primary copper sulphide heap leaching Unique micro-analytical capability;
lithium/borate deposit; including waste / implementation process development ongoing development of orebody
residue discovery techniques

Closure Steel Decarbonisation Winu RTX1: Opportunity Generation

Process development input for closure- Technical development in use of biomass Disciplined process development that Early warning metallurgy and process
related activities including water treatment and hydrogen as reductants; dry builds on OBK1 insights route options
options; regulator interactions processing alternatives

©2023, Rio Tinto, All Rights Reserved 1RIMs: Resistate Indicator Minerals; KIMs: Kimberlitic Indicator Minerals; OBK: Ore Body Knowledge; RTX: Rio Tinto Exploration 71
Green steel pathways: range of potential technology
options available
Estimated time to Commercial Scale1 CO2e (/tLS) Ore Suitability
(using renewable power) Chemical

0 0.4 0.8 1.2 1.6 2.0 2.4 56 58 60 62 64 66 68 70

Current
BF-BOF Optimisation 1-20 years
Optimised

Nat Gas DRI/HBI Shaft Today

5-10
H2 DRI/HBI Shaft
years

5-20
H2 DRI/HBI Fluidised Bed
years

10-20
H2 DRI + Melter years

10-20
Biomass (BioIronTM)
years

Electrolysis 20-40 years Likely requires ultra-premium quality

10-20
BF + CCUS years

Scrap-EAF Today Not applicable – uses recycled steel

2020 2040 2060

1BF:
Blast Furnace, BOF: Basic Oxygen Furnace, DRI: Direct Reduced Iron, HBI: Hot Briquetted Iron,
©2023, Rio Tinto, All Rights Reserved CCUS: Carbon capture, utilisation and storage , EAF: Electric Arc Furnace, tLS: Tonnes of liquid steel 72
Supporting our customers - steel decarbonisation
1 2 3 4 5 6
Blast Furnace Pilbara Beneficiation BioIronTM H2 DRI + Melter High-Grade DRI Iron Ore Portfolio
Optimisation

Optimising current Upgrading our Ironmaking with Ironmaking with Entry to high-grade Bringing high-grade
technology Pilbara ores Pilbara ores Pilbara ores green iron market ore to the market
Pathway 1 Pathway 2

Multiple collaborations Finding optimal stage(s) Developing an Developing H2 DRI with Entering H2 HBI market e.g. Simandou
with customers along the steelmaking alternative steelmaking melter for Pilbara ores and demonstrate
value chain to remove route to H2 DRI new tech using
impurities RT ores

Key Partnerships

©2023, Rio Tinto, All Rights Reserved 73

BioIronTM - green alternative pathway for iron
& steelmaking
Simple Raw Material Preparation Ironmaking1

1 Fine Iron Ore, Fluxes and Biomass

are blended together... Air used to
combust volatiles
Low-carbon Electricity

5 Gangue
Stage where oxygen Carbon containing
is removed DRI
removal in an
Electric Melter

Pre-heat / Pre-reduction Zone Microwave Furnace Electric

Melter

2 ...and
compacted 3 Combusts
volatiles and 4 The microwave
energy turns
into Green pre-heats the the pre-reduced
Briquettes briquettes to ore into carbon-
>600°C ahead
of microwave
containing
metallic iron2 6 Pig Iron
Product
section

©2023, Rio Tinto, All Rights Reserved 1Powered by renewable energy sources | 2Higher productivity compared to gas combustion | DRI: Direct Reduced Iron 74
H2 DRI + Melter - Processing Pilbara ores with hydrogen

Transition to carbon-neutral: the industry is shifting from Partnership with BlueScope explores
BF-BOF1 to H2 DR-EAF1 steelmaking adding an Electric Melter into the process
Seaborne Iron Ore Product by Grade Ore Step 1: Ironmaking Step 2: Steelmaking

DR-EAF
Pellets DR Shaft EAF
Fe%

Current DR-EAF technology requires higher-grade feeds

>67%
65%-67%

DR-Melter-BOF/EAF
62%-65%
58%-62%
<58% Pellets DR Shaft

or or

0 200 400 600 800 1000 1200 1400 + Electric Melter BOF or EAF

Cumulative production (mt)

Fines DR Fluid Bed

BF-BOF1 DR-EAF1 Adding an Electric Melter to remove gangue enables

the use of ore typically used in the blast furnace

©2023, Rio Tinto, All Rights Reserved 1BF: Blast Furnace, BOF: Basic Oxygen Furnace, DR: Direct reduction, HBI: Hot Briquetted iron, EAF: Electric Arc Furnace 75
NutonTM is seen as a key growth lever for Rio Tinto
and an enabler for low-carbon copper
Nuton’s potential Nuton has the potential to deliver Current Progress
leading ESG performance
– Worldwide demand for Carbon intensity (CO2/t) – In development for +25 years,
copper is growing rapidly -92%
with first leaching tests taking
(i.e., transition to a low- 5.20 place at Bundoora in 1996
carbon economy)
– Launched Nuton as a corporate
– Increasingly stringent start-up 12 months ago
requirements from external
stakeholders concerning ESG – 3 partnerships announced in 2022
issues (e.g. carbon footprint 0.70 0.40 – +10 ongoing collaborative viability
in copper production)
studies
Global avg. Recycled Cu Nuton

Reduced CO2 emissions (CO2/t)

Efficient water consumption

Ability to restore and reclaim mine

sites by reprocessing mine waste

©2023, Rio Tinto, All Rights Reserved 76

 NutonTM offers exceptional recovery performance

Nuton extracts up to >80% of copper from primary copper Nuton modelling capabilities reduce requirement
sulphides compared to 25-35% in tradition heap leach process for extensive test programs
100 100%
Nuton
90 90%
>80%
80 80%

70 70%

% Copper Extraction
% Ore extraction

60%
60
Conventional heap 50%
50 leach chemistry
40%
40 25-35%
30%
30
20%
20
10%
10
0%
0 0 50 100 150 200 250 300 350
Time (days)
* Percentage extractions are from primary copper mineralogy
Modelled copper extraction Actual Margin of error

©2023, Rio Tinto, All Rights Reserved 77

Building a pipeline of opportunities
Yerington, Nevada-US Cactus, Arizona-US Los Azules, San Juan-Argentina
(Lion Copper Gold) (Arizona Sonoran Copper Company) (McEwen Copper)

Historic Mine Brownfield Greenfield

– Option to earn in – 7.4% interest in Arizona – 9.8% interest in McEwen Copper

Sonoran Copper Company
– Stage 1 work in progress – Nuton collaboration work
– Nuton collaboration work program underway
program underway

©2023, Rio Tinto, All Rights Reserved 78

Common acronyms Definitions
AHS Automous Haulage System EC European Commission Mtpa Million tonnes per annum RTFT Rio Tinto Fer et Titane Calculated The levelised marginal cost of
abatement abatement at a zero carbon price
AIFR All Injury Frequency Rate EMEA Europe, Middle East and Africa MACC Marginal Abatement Cost Curve RTIO Rio Tinto Iron Ore carbon price
Calculation:
Environmental, Social, and
Al Aluminium ESG MW Megawatt RTX Rio Tinto Exploration Discounted sum of all abatement
Governance costs over time at a zero
AL2O3 Aluminium oxide EU European Union MWh Megawatt hour SPS Safe Production System carbon price /
Discounted sum of all abated
Arvida Research and Development emissions over time
ARDC Fe Iron NbS Nature-based Solutions S&P Standard & Poor’s
Centre
Discounted at the hurdle rate RT
ASX Australian Stock Exchange FOB Free On Board NPV Net present value T Tonne uses for all investment decisions
ATS Aluminium Technology Solutions FS Feasibility Study O&M Operation & Maintenance t/ha Tonnes per hectare
B2O3 Boric oxide GHG Greenhouse gas OT Oyu Tolgoi tLS Tonnes of liquid steel
Bn Billion GFC Global Financial Crisis Pa Per annum tCO2 e Tonne of carbon dioxide equivalent
BF Blast furnace Gt Giga tonnes PJ Petajoule TiO2 Titanium dioxide
BOF Blast Oxygen Furnace GW Gigawatt PPA Power Purchasing Agreement tpa Tonnes per annum
BSL Boyne Smelter Limited H2 Hydrogen PP&E Plant. Property & Equipment TWh Terawatt hour
CAGR Compound annual growth rate HBI Hot briquetted iron QAL Queensland Alumina Limited UB Ulaanbaatar
CCGT Combined Cycle Gas Turbine HG High grade ore QMM QIT Madagascar Minerals USD United States dollar

Carbon capture, utilisation and

CCUS HME Heavy Mining Equipment R&D Research and development VAP Value-added product
storage

CCS Carbon Capture and Storage IEA International Energy Agency RBM Richards Bay Minerals WA Western Australia
CO2 Carbon dioxide IOC Iron Ore Company of Canada RE Renewable Energy WTS Western Turner Syncline
CO2e Carbon dioxide equivalent IRR Internal rate of return RRF Recovery and Resilience Facility YoY Year on Year
Cu Copper JV Joint Venture ROCE Return on capital employed YTD Year to date
DRI Direct Reduction Iron LCE Lithium Carbonate Equivalent RT Rio Tinto
EAF Electric Arc Furnace LCOE Levelised Cost of Energy RTE Round trip efficiency

Earnings Before Interest, Taxes,

EBITDA M Millions
Depreciation and Amortisation

Mt Million tonnes

©2023, Rio Tinto, All Rights Reserved 79